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#GOPShutdown: The Cost of the Tea Party Hating the President Hits $4 Billion

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The government shutdown continues to cost the American economy $300 million a year. But House Republicans, who shutdown teh government on October 1 after an effort to defund the health care law failed, continue to ignore the economic consequences.

“While that is a small fraction of the country’s $15.7 trillion economy, the daily impact of a shutdown is likely to accelerate if it continues as it depresses confidence and spending by businesses and consumers,” reported Bloomberg on October 1.

After Republican approval rattings plunged this week, many thought there would be a deal on the debt ceiling and the shutdown passed this week. It didn’t happen. Now there are rumors that Senate leaders Harry Reid and Mitch McConnell will be forced to come up with something. But with the default staring everyone down on Thursday, time is short. With each day that passes the American economy continues to lose $300 million.

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WASHINGTON — The government shutdown has taken at least $24 billion out of the United States economy, the financial ratings agency Standard & Poor’s said Wednesday.

The firm said the shutdown caused it to cut its forecast of gross domestic product growth in the fourth quarter by at least 0.6 percentage point. The agency lowered its estimate for GDP growth to close to 2 percent from 3 percent.

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